Forced house sale

[Fedup85]

The for sale sign went up today for my nice little 2 bed semi on a lovely estate. Im currently living here with my 3 young children and my partner who my third child is with.
My ex wants his name off the joint mortgage but I cant afford to buy him out, so hes took me to court to force sale of the house....so its now on the market. Houses in my area are expensive and getting sold quickly. My partner has been accepted a mortgage, which will just about buy us a 2 bed in this area which is just too small. Renting is the same...too expensive for a 2 bed...my credit rating is extremely poor....my children are settled in their school so dont want to uproot them. Ive considered staying here with my partner buying my ex out and extending but would not know where to start and if we would evne afford to extend! Not a clue what to do!!

OP. That sounds so stressful. But don't worry, you've got 3 lovely kids and a partner and you will cope!

You're in a 2 bedroom place now, so were you already thinking of extending it? Sounds like you need to work out how you can save up, either for an extension or for a deposit on somewhere bigger. If you're not saving at the moment, maybe make a list of everything you spend and work out what can be done cheaper or got rid of. If you've got some debt yourself (you may not, but I just wondered when you said about the poor credit rating), then it's even more important to work out how to cut your spending so you get yourself on track.

My partner is in the army and they have a scheme where they wil give a lump sum to put down as a deposit on a house, but its just not enough for what we need. I would love to stay here and extend but not sure where to start or if we do if we would get in over our heads! Im on a debt management plan hence the poor credit and iv cut down as far as i can...thanks for your reply

Can your partner afford to buy out your ex and you stay there? You'll incur additional costs if you move to another house. Stay out, improve your credit rating, go back to work if you aren't currently working and move when you can both be considered for the mortgage.

You could marry your partner and love in army housing? You'd be entitled to a 3 bed house and the rent is cheap so you could save more towards your own place. Obviously not the only reason to marry but as you're buying a house together, it's not a huge leap.

We're looking into the possibility of my partner buying him out...I dont want to livin in military quarters due to the uproot every few years, not with children. Thanks for replying

Wowfudge.....I dont know how we would go about buying him out, how much would we need to give him?! Half what the house is valued at? Half the equity?? I have stuck my head in the sand for so long over this and i am really not experienced in anything to do with mortgages and what not, dont know if this is just an excuse but ive near enough brought myself up after being orphaned at a young age with no other family so have no one to ask for support...

The first step is to have the property valued. Then you need to see what your partner can get as a mortgage.

If the property is worth 100,000, and you and your ex own equal shares, and the mortgage is 50,000, then you and your ex each have equity of 25000 each. So for your partner to buy out your ex, he will need to raise a mortgage for 25,000 minus half of the selling costs as otherwise your ex would be better off by your partner buying him out. The problem you have is your credit rating, because you will both need to be on the land registry as owning the property. It might be possible to do this and satisfy a mortgage lender although the last time I looked at this I think they were a bit twitchy. Speak to a mortgage broker and run it by them.

Thanks for that advice, will look i to the land registry thing..